Global Advanced Tires Market Forecast-2025
Global advanced tires market is valued approximately USD 136 million in 2017 and is anticipated to grow with a healthy growth rate of more than 16.8% over the forecast period 2018-2025. Increasing demand of advanced technologies such as increasing demand for connected and autonomous technologies in automotive sector is expected to drive the market growth. Advanced tires comprise technologies including RFID chips, self-inflating, multi-chamber, and all-in-one tires. These technologies are expected to increase demand for advanced tires across the globe. Increasing industry standard for advancing advanced tire are also a driving factor for the market growth. For instance as per RAIN RFID Alliance in 2018, ISO/NP 20909 - Radio frequency identification (RFID) tire tags, SO/NP 20910 - Coding for Radio frequency identification (RFID) tire tags, ISO/NP 20911 - Embedding methods for Radio frequency identification (RFID) tire tags and ISO/NP 20912 - Testing methods for Radio frequency identification are some of the standards that also contributes in the advancement of automotive tires.
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On the basis of segmentation, the Advanced Tires market is segmented into On-Highway Vehicle Type, Technology Type, Off-Highway Vehicle Type, Niche Technology, Material Type and Type segments. On-Highway Vehicle Type segment includes LDV and HDV, Technology Type segment is divided into Chip-Embedded Tires, Self-Inflating Tires, Multi-Chamber Tires and All-In-One Tires). Moreover, Off-Highway Vehicle Type is categorized into In-Vehicle and External Cloud Ser Agricultural Tractors, Construction & Mining Equipment and industrial Equipment, Niche Technology includes 3D Printed Tires Autonomous Vehicle Advanced Tires, Material Type includes Natural Rubber, Synthetic Rubber Steel, Elastomers and Other Materials and Type is categorized into Pneumatic Tires, Run-Flat Tires and Airless Tires.
The regional analysis of Global Advanced Tires Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the dominating region across the world in terms of market share region over the forecast period 2018-2025.
The leading market players mainly include-
• Hankook Tire
• Toyo Tire & Rubber Co. Ltd.
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Last Update : Apr 09, 2019
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